Features of the new Autodesk Maya LT software include full support for all of Maya’s 3D modeling tools including NURBS and subdivision surfaces, Maya’s Hypershade surface editor, ShaderFX for the creation of HLSL and CGFX shaders and export to FBX format of up to 25,000 polygons per scene.

Other features of Autodesk Maya LT include import of .ma, .mb (Maya ASCII and binary formats), .mlt (Maya LT format), OBJ and FBX 3D formats, import of BMP, PNG, DDS, EXR, TGA, and TIFF as textures and import of AI and EPS structures drawings as objects.

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What is this, fearing C4D?

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I don't know what I like more, CG, music or a female ass... Please help me...

First, it can only render sprites, making pre-rendered cut-scenes or even composited stills impossible.
Second, there is a 25K polygon cap on FBX export, making it nearly useless for level design and high detail work.
Third, no plugins or Mel.

For game dev, removing some of the 'bloat' like mental ray, composite, and nParticles makes some sense at a glance.

Limiting the animation/rigging tools, and allowing zero scripting doesn't make sense. Without the latter, you wouldn't be able to script custom pipeline tools to get around the FBX limitations (which in its own self doesn't make sense).

It would be interesting to see how big the market is for this. Though, I'm leaning towards what cgrox said as it being a frivolous attempt to expand their product portfolio.